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Manila Bulletin devider Philippines devider New P20, P5 coins circulate in Iloilo

New P20, P5 coins circulate in Iloilo

Published Feb 28, 2020 12:00 am
By Tara Yap ILOILO CITY – The new generation P20 and P5 coins released late last year by the Bangko Sentral ng Pilipinas (BSP) are now in limited circulation in the city and province of Iloilo. The Bangko Sentral ng Pilipinas (BSP) wants everyone in Iloilo to familiarize themselves with these new generation P5-coin and P20-coin that are in limited release. (TARA YAP/ MANILA BULLETIN) The Bangko Sentral ng Pilipinas (BSP) wants everyone in Iloilo to familiarize themselves with these new generation P5-coin and P20-coin that are in limited release. (TARA YAP/ MANILA BULLETIN) “For the meantime, there are limited pieces in circulation,” said Joanne Marie Castelo, deputy director of BSP Iloilo branch. “We want the people to familiarize themselves with these two new coins,” Castelo said. Late last year, the BSP unveiled the P20-coin and the enhanced P-5 coin. The P20-coin featuring Commonwealth President Manuel Quezon is eventually going to replace the P20-bill. The production of coins saves the BSP money in terms of currency production. “It’s more cost-efficient,” Castelo pointed out. Based on a study by the University of the Philippines (UP), the existing P20-bill is the most widely used denomination across the archipelago. “That’s why the bill had to be replaced by a coin,” she added. Meanwhile, BSP Iloilo said that the P20-bill and the old P5-coin can still be used. BSP official Lowen Andrew Ligad said announcements will be made when these moneys will cease to be a legal tender.
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